A fortnight has passed since the introduction of the European currency into our pockets and purses. Once again, we proved to be successful. Within a few days since the changeover, Maltese people managed to adapt to the euro leading the way to a smooth transition from the Maltese lira.
This has been repeatedly stated by the reports issued by the European Commission, which is monitoring the conversion and dual circulation period. On all accounts, we are doing very well.
The switch to our new currency has proved to be a success. The changeover of all cash and non-cash transactions to the euro is going swiftly and without significant problems. After only a few days, the euro had already largely replaced the Maltese lira in people's wallets and purses. On 5 January, almost three out of four cash payments in shops were made in euro. While there were some queues in banks and shops on the first days of the New Year and after a busy first week, which also included the start of the winter sales in Malta, the situation seems to be progressively getting back to normal.
Although the currency has been introduced, the monitoring exercise has geared up to watch up for price hikes.
The GRTU, NECC and UHM are working to tackle any forms of abuse. In the first week of 2008, 30 incidents of price increases were sorted out and prices were brought back to what they were originally. Any form of abuse is being investigated, including those made by professionals.
To assure that the abuse is controlled, consumers need to inform the authorities; after all it is simply safeguarding your interest and your money. This may be done in various ways. One may call the now familiar free phone Linja Ewro 154 or even visit the website www.pricewatch. org.mt.
The website is aimed at providing consumers with the ability to post price rise complaints and track their progress, as well as a reference point for all products secured under price stability agreements for the period October 2007 until March 2008. This website is dedicated to monitoring price movement over the euro changeover period, in line with the remit given by law to the Euro Observatory. Following a detailed study, a basket of frequently purchased products has been established and the prices of these different products are being regularly monitored.
In the first week of 2008, Linja Ewro 154 received over 3,600 queries of a varied nature: all were answered and in case of abuse, an investigation was carried out appropriately. Another source of information until the end of January is the euro centres.
In December, 59 euro centres were opened all over the island providing our citizens with euro-related information while also giving them the opportunity to put forward any question or query they might have. This followed the various meetings that were held in different localities for pensioners, housewives and local business people.
This contradicts what certain sectors of the local media are reporting. These report that local retailers are increasing prices without any control whatsoever. GRTU General Director Vince Farrugia, denied this during an interview, in which he condemned the misinformation and lack of responsibility by a particular television station, while at the same time recalled the various initiatives that are being administered in regard to price watching.
The changeover to our new currency brought with it a social awareness exercise. The NECC, in collaboration with Bank of Valletta, Middlesea Valletta and the European Commission Representation in Malta launched the ‘Euro Children Trust 2008’.
This initiative entails the provision of 20,000 piggy banks to Maltese children that may be collected from local euro centres. During the coming weeks, the children are encouraged to collect their old Maltese coins, which will help other children who reside in children homes. This money will be equally divided among the 200 youngsters who were resident in these homes until 31 December 2007, and will be invested on their behalf until they reach the age of 25.
Consumers, that is, all of society, must look positively to our achievement. When it is needed, it is our duty to take action and report any type of abuse so that it may be investigated accordingly. The authorities have equipped us with various tools to prevent any unreasonable price increase. Let us make good use of these tools; after all it is for our own benefit.
David Casa is a Nationalist MEP
davidcasa@europarl.europa.eu
www.davidcasa.eu
